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CAR says HUD move will make it easier to buy a home

The California Association of Realtors is praising the U.S. Department of Housing and Urban Development for reducing the annual mortgage insurance premium on loans insured by the Federal Housing Administration, a move it said will lead to more homeownership in California.

“Today’s move by HUD and the FHA to lower the annual mortgage insurance premium on housing administration loans by 30-basis points will help increase homeownership opportunities throughout California, especially for first-time homebuyers and working Californians who rely on housing administration] financing,” said the association President Jennifer Branchini in a statement posted on the association’s website.

“For years, the [California Association of Realtors]  and the National Association of Realtors have asked the FHA to lower the mortgage insurance premium to ensure that homebuyers using [housing administration loans] are not overpaying for their mortgages.”

Last year, California originated the third-highest number of housing administration loans in the nation, as 10 percent of all homebuyers – and 16 percent of all first-time buyers  – used one of those loans to make their purchase, according to the California Association of Realtors.

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